COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4011-01
Bill No.: SB 1049
Subject: Transportation Retirement System; Transportation Dept.
Type: Original
Date: February 18, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
The Joint Committee on Public Employee Retirement (JCP) has reviewed this proposal and has determined an actuarial study is not needed under the provisions of section 105.660, subdivision (5).
Officials with the Department of Transportation (DHT) assume this proposal provides each Department of Transportation employee three options for use of excess accrued annual leave hours on October 1 of each calendar year. These options are: (1) employees may apply the excess accrued annual leave to their shared leave program, (2) purchase retirement credits, or (3) invest the cash equivalent into their deferred compensation plan, subject to certain restrictions.
MoDOT also assumes that option (1) and (3) of this legislation will not have a fiscal impact on this department. It is further assumed that option (2) will not have a measurable fiscal impact on the Missouri Highway Employees' and Highway Patrol's Retirement System's contribution rate.
Officials with the Missouri Highway and Transportation Employees and Highway Patrol Retirement System (HRS) assume that this proposal would have no fiscal impact on their retirement system.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal specifies the rate at which annual leave accrues for Department of Transportation employees. The act also provides the employees three options for use of accrued annual leave
DESCRIPTION (continued)
which is in excess their maximum leave balance.
Employees may apply the excess accrued annual leave to their shared leave program, purchase retirement credits or invest the cash equivalent into their deferred compensation plan, subject to
certain restrictions.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Joint Committee on Public Employee Retirement
Missouri State Highway Employees and Patrol Retirement System
Department of Transportation
Mickey Wilson, CPA
Acting Director
February 18, 2002